Intel CEO Pat Gelsinger has announced his retirement, effective December 1, 2024, after a 40-plus-year career with the company.
Pat, who also stepped down from the company’s board of directors, cited a mix of pride and sadness in his departure statement.
Intel CEO Pat Gelsinger: Career and Contributions
Pat first joined Intel in 1979 and rose through the ranks to become the company’s first Chief Technology Officer.
He left Intel in 2009 to join EMC and later VMware, where he served as CEO before returning to Intel in 2021 to stabilize the company.
During his tenure, Pat focused on revitalizing Intel’s semiconductor manufacturing and fostering innovation.
Pat’s departure comes amid significant challenges for Intel, including a 52% drop in stock price year-to-date and market share losses in core business segments and the critical artificial intelligence market.
The board of directors, frustrated with the progress of Pat’s turnaround plan, gave him two options: retire or be removed.
Pat chose to retire, ending his 3-year-long stint as the company’s CEO.
Interim Leadership
Following Pat’s retirement, the company has appointed CFO David Zinsner and CEO of Intel Products Michelle Johnston Holthaus as interim co-CEOs.
Frank Yeary, the independent chair of the board, will serve as interim executive chair during the transition period.
The board has already begun the search for a permanent CEO.
In his departure statement, Pat expressed gratitude for his time at Intel and pride in the accomplishments achieved during his tenure.
He acknowledged the challenges faced by the company and the tough decisions made to position Intel for the current market dynamics.
Pat’s final message on social media cited Psalm 9:1, reflecting his gratitude and appreciation for his colleagues.
The leadership transition at Intel comes at a critical time as the company continues to navigate market challenges and regain investor confidence.
David and Michelle emphasized their commitment to Intel’s future, focusing on driving returns on foundry investments and meeting customer needs.
Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click Here, Google News– Click Here, YouTube – Click Here, and LinkedIn– Click Here.
